The life industry has been granted an early Christmas present with the FSA announcement there will be no full-blown inquiry into endowment mortgage misselling
The industry feared the FSA would call for an investigation along the same lines as the multi-billion pensions misselling compensation.
But campaigners attacked the FSA for ignoring their calls for an inquiry. Consumers' Association principal researcher Neil Walkling says: “There has been systematic malpractice. There should be compensation for those disadvantaged.”
The FSA responded to the calls for investigation saying: “Selling standards will be under review. Where necessary record keeping will be tightened.”